Is investing in Myrtle Beach a good idea?

Question

I am considering buying a property in the Myrtle beach area since it seems like it’s an affordable are with good cash flowing properties but it seems like the crime rate is above the national average. I noticed that these statistics are based on Myrtle beach only which has about 37k population and does not include the broader Myrtle beach Metro area which has about 410k population. It seems to me that the statistics are skewed since if the entire Myrtle Beach Metro are were to be taken into account the crime rate would actually be way below national average. Any thoughts or does anyone here have investments in Myrtle Beach?

Myrtle Mike Thompson · Answer

@Liridon Fetahu You're correct in thinking the crime statistics for Myrtle Beach may be skewed... they are.  I live in Carolina Forest, which is a large unincorporated section of Myrtle Beach.  The current population of Carolina Forest is estimated to be greater than the population of Myrtle Beach.  We all have a Myrtle Beach address, and most of us work in Myrtle Beach, but because we're not technically within city limits this giant mass of residents isn't factored into any of the Myrtle Beach demographics like crime rates, etc.

But an even bigger reason why the numbers are skewed is that a huge chunk of the overall crime is committed by the 19 million visitors to Myrtle Beach each year (think drunk driving, drug possession, etc) and of course tourists don't get factored into the full-time resident population.

There are a couple spots around town I would avoid, but I chose to raise my kids here and have never been concerned for their safety.  I'm an investor-focused Realtor.  If you'd ever like to chat about strategy, location, asset type, etc I'm happy to connect.

Pete Schmidt · Answer

Mike said it right, the crime rate is high for the year round number of residents. However when you compare that number to the 19 million+ tourist that visit, the crime rate is actually low.

Liridon Fetahu · Answer

Thank you for the advice. I definitely intend to go and see the area for myself before I buy.

Mark H. Porter · Answer

Hi Liridon - the papers make this out to be so much more than it really is.  I live in North Myrtle Beach, have a large STR rental house in the Cherry Grove section of the beach, and frequent Myrtle Beach proper often for dining and shopping.  Never have I felt unsafe.

The city allocated millions a few years ago to purchase and tear down a dozen or so older motor inns on ocean blvd that had been left to squander and had become havens for the less than desireable.  They’ve been torn down and gone.  They’ve also invested in an older area of the city that’s being regenerated into an arts district and will improve the walkability and bike-ability.

It gets blown out of proportion.  It’s just like rumors about hurricanes.  Newcomers and tourists worry about them all the time but in 170 years we’ve only had THREE category 3 hurricanes or greater hit Myrtle Beach.  People love to create fables.

Nathan M kiefer · Answer

myrtle beach is a great investment, although I would not personally invest in myrtle beach proper. we are in ocean lakes which is myrtle beach address but us literally on the road that separates myrtle and surfside. @Myrtle Mike Thompson hit in on the head.

we did around 145k in our two beach houses this year but we bought two 4/4's for $570k that are worth around 1.2mm right now and used mostly cash, leverage of around 200k from a portfolio- total on them.

deals are out there but in my opinion you need a good realtor for boots on the ground and insert yourself into the market your looking to buy. It amazes me nowadays how people will throw money into a market and not spend any time in it(pre purchase) then wonder why it didn't work out.

we literally purchased our second stilt house by walking up our stairway and the owner (of our now second str there) was walking up there stairs and we struck up a conversation and purchased it off market.

My advice, allocate some of your investment funds to knock on doors and hang in the area you buying- its priceless. Also we have had some good luck purchasing properties in areas we vet out by posting in the local and LEGITIMATE owner group sites for developments "in town and have $400k, interested in 3 bed, 2 bath houses in location xyz" you would be surprised what you can find.

Myrtle Mike Thompson · Answer

@Frank Ditucci I'm sending you a private message regarding the Withers Heights section of Myrtle Beach.

Frank Ditucci · Answer

How are long term rentals doing? Any advice on properties near wither heights section of Myrtle Beach?

Ray J. · Answer

@Liridon Fetahu - Myrtle Beach is a great area to invest as this is the area I currently invest in. The area attracts many vacationers during the summer months, and if you are able to get some winter renters from Oct - March its a win/win.

Doug Smith · Answer

I'm doing a loan there now for an investor. He loves it and is seeking to buy more.

Is investing in Myrtle Beach a good idea?

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